THE Institute of Chartered Accountants of the Caribbean (ICAC) is being represented by its president FrankMyers at the at the 8th Regional CReCER Conference on Accounting and Auditing for Regional Economic Growth at the Swissotel in Quito, Ecuador which, started Monday and ends Saturday.
Since its launch in 2007, the CreCER Conference, organized by Global partners – the World Bank, the Inter.American development Bank, the International Federation of Accountants, and the Global Public Policy Committee – has become a leading forum for decision makers and stakeholders in financial reporting and auditing in Latin America and the Caribbean.
The theme of this year’s conference is Preserving Economic Gains and Investing in the Future: PromotingGrowth Through Improved Financial Accountability. One of the topics to be discussed that is relevant toour region is the Transition from Cash to Accrual Accounting in the Public Sector. This speaks to the adoption of the International Public Sector Accounting Standards, the implementation of which, it is generally accepted, will enhance accountability and transparency in public sector financial information.In addition to combatting corruption, the implementation of the IPSAS can also improve efficiency andeffectiveness of service delivery to citizens and other stakeholders. It could also assist in creating the environment for foreign direct investment.
During this conference, Mr. Myers will Chair a discussion panel on the Proportional Application of International Standards on Auditing (ISAs) and the International Standard on Quality Control (ISQC1).